Nigeria's Economic recession will not last till 2020-vice president

The Vice President while addressing reporters
in Ede, Osun State, has said that that the economic recession that Nigeria is currently faced with will
not last long because according to him the current administration was
putting in place measures that will resuscitate
the economy.
The vice president, however, attributed the recession to
the massive destruction of oil facilities in the Niger Delta
region.

The vice president said, “As far as we are concerned and so far
as all of us who are working seriously hard are
concerned, the recession must be short-lived.

“The reason is that as of February last year, we
were generating 5,000 megawatts of power and
that was the highest ever in the history of this
country and that same month the vandalism of
the pipelines started. So, we lost 60 per cent of
gas and 60 per cent of revenue.

“There is nowhere in the world, there is no
economy in the world that can lose 60 per cent
of its revenue and will not go into some sort of
recession which is actually what has happened
to us in this country.

“Once we are able to resolve these issues
concerning pipeline vandalism and the
diversification of the economy we are working
towards, things will change for the better.

“We are working towards regaining our products
locally. We are investing more in refineries and
private investors are coming into refineries as
well. If we are able to do this, 70 per cent of
what we import will not be imported again,
hence our foreign reserves will be maintained
and if it is maintained, our currency will improve.
“I don’t think that life will be bleak because what
our country is known for is resilience and people
that are extremely hardworking, optimistic and
hopeful.

“We have all it takes to be a great country. I am
quite convinced that the problems we are seeing
today will quickly disappear as long as we
understand why we are where we are today.”


Agbakoba, a Senior Advocate of Nigeria,SAN, had
on Tuesday, expressed displeasure with the
current state of Nigeria’s economy, saying
recession may continue until 2020, if President
Muhammadu Buhari failed to review some of his
policies

Source(s): super9ja.blogspot.com